Friday 24 June 2016

Rwandan economic growth to slow to 6.8 percent in 2016 - World Bank


Technicians inspect beer bottles on a conveyor belt at a brewery in Gisneyi, western Rwanda, in this  file photo.    REUTERS/Hereward Holland
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KIGALI (Reuters) - Rwanda's economic growth rate will ease to 6.8 percent in 2016 from 7.1 percent in 2015, the World Bank said on Friday, noting the slow implementation of the country's budget.
Rwanda maintained "steady growth and macroeconomic stability" for much of 2015, the bank said in a report, adding that the aid-dependent country had benefited from low oil prices.
"Downside risks have been increasing, both externally and domestically," Yoichiro Ishihara, the bank's senior economist for Rwanda, said in a statement. "On the domestic front, delayed execution of the budget and inadequate financing for development are of concern."
Rwanda is one of the economies in the region that investors have hailed for solid fundamentals, including low debt and inflation.
The growth rate averaged 8.2 percent from 2006 to 2012 in the landlocked state, which has become a favourite with international investors two decades after the 1994 genocide.

(Reporting by Clement Uwiringiyimana; Editing by Edith Honan and Hugh Lawson)

Source: http://af.reuters.com/article/investingNews/idAFKCN0VZ1TB

IFC and Ghana Stock Exchange partner to adopt sound business practices in capital market

The International Finance Corporation (IFC) the private sector wing of the World Bank is partnering with the Ghana Stock Exchange (GSE) to promote adoption of sound business practices within the capital market.
In a press release copied to ghanabusinessnews.com, the IFC said the partnership is one of the many interventions under its Africa Corporate Governance Programme intended to improve business performance on the continent.
“It will also help raise awareness of the cross-sectorial reach of activities and set a programme outline that will encourage improved policies, standard-setting, network events, and outreach programmes within the Ghanaian business community,” it said.
“GSE is committed to helping businesses access capital especially through listing on the Ghana Stock Exchange. One sure way for companies to stand out is by adopting sound practices that make them more attractive to local and foreign investors. We have partnered with IFC to help us achieve this goal and boost growth in our capital markets,” Kofi Yamoah, Managing Director of the GSE, was quoted as saying.
Commenting, the IFC Country Manager for Ghana, Ronke-Amoni Ogunsulire, said, “IFC is constantly seeking ways to help Ghanaian businesses grow so that they can contribute meaningfully to economic development. A key priority is to help companies adopt good corporate governance practices which will improve their performance and better access to investors. Working with GSE will help us support a wider range of businesses in adopting these practices.
By Emmanuel K. Dogbevi

Nigeria looks to coal,solar and biomass to achieve national energy security

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said that the Federal Government is increasingly looking to alternative sources such as coal, solar and biomass for power generation in a bid to achieve national energy security.
He said the 700-megawatts Zungeru hydropower project would soon be completed, adding that construction of the 3,000MW Mambilla hydropower plant would commence shortly.
Fashola, who spoke at an annual lecture organised by the Nigerian Institute of Electrical and Electrics Engineers in Lagos on Thursday, noted that the nation had over the years relied heavily on natural gas for power generation.
The nation’s power generation and supply have dropped significantly in recent months on the back of the resurgence of militant attacks on oil and gas facilities in the Niger Delta.
Fashola said, “Our vulnerability to gas has become apparent to the development that we are seeing. And so, one of the things that the energy mix will do is not just taking power plants closer to fuel sources, but to also help in achieving national energy security. So, we are going beyond solar to coal and to a lot of hydro.
“We will soon finish hydro power plants like Zungeru and start the biggest hydro power project, the Mambilla, which will give us in one place about 3,000 megawatts. We are finalising the procurement now.
“We will use biomass because there is a sugar processing plant and sugarcane plantation somewhere in Adamawa, and we are talking to the proprietors to see how we can use some of that also for producing energy.”
Beyond power generation, the minister said it was important to engage electricity consumers on the demand side management, also known as energy conservation.
The minister added, “Beyond all of this generation of power, what is important is the demand side management, which we have come here to talk about, which is energy conservation. There is capacity to conserve between 1,000MW and 2,000MW by actions that all of us should take in our homes, in our offices, the way we build, the way we use energy.
“We have seen that air-conditioning and kitchen equipment constitute the largest consumer of power. So, how we build our houses, how we use less of air-conditioning, how we air our homes using nature, more wind, working with our architects, how we shape and situate the angle of our house so that we conserve less energy, how we use less water by being efficient in conserving water to transfer energy to cost.”

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